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New Millennium Bank Secured Gold Visa® / MasterCard® |
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Issued by New Millennium Bank
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View other Secured cards
View other cards issued by New Millennium Bank
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The sky may not be falling, but second chances are in the air. With the New Millennium Bank Secured Gold Visa®/MasterCard®, you'll get a credit card for poor credit that may help your credit get back to where you and your wallet would prefer it to be. For an annual membership fee of $59, you'll get access to a bank issued Visa®/MasterCard® credit card for poor credit that will be more than useful when paying for a purchase or service that requires plastic.
A Secured Credit Card for Poor Credit
Simply put, a secured credit card is a credit card that is entirely funded by your money. It's secured because your money establishes your credit limits. A secured credit card's primary purpose is to help folks learn good credit habits and establish or re-build a favorable credit history.
In the case of the New Millennium Bank Secured Gold Visa®/MasterCard®, you'll get a Visa®/MasterCard® secured credit card and a savings account with New Millennium Bank. You will have to deposit $300 into the savings account. This acts as the deposit on your poor credit credit card, and the money you deposit will be the same as your line of credit because it serves as bank's security against any missed payments. You can deposit as much as $5000. Just like a regular savings account, you will earn interest on your deposit.
Added Benefits with Your Credit Card for Poor Credit
A Visa®/MasterCard® branded secured credit card comes with several additional benefits. Pay for your purchases with your New Millennium Bank Secured Gold Visa®/MasterCard® and you'll get auto rental insurance, up to $100,000 worth of travel accident insurance, and extended warranties on purchases. You'll also have access to emergency cash transfers.
Is a New Millennium Bank Secured Gold Visa®/MasterCard® the Card for You?
The New Millennium Bank Secured Gold Visa®/MasterCard® is a good match for people who've been shopping for a regular credit card and keep up empty handed. There is no credit check is required with this offer. And if you're not approved, you may be able to get two times the application fee.
Because there is a high interest rate for purchases and because your card activity will be reported to the three major credit bureaus, the New Millennium Bank Secured Gold Visa®/MasterCard® should be used with caution. There is no grace period so you can't afford to go a day or two with this bill on the backburner, as the account will accrue finance charges immediately.
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| Updated: April-01-09 |
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| Most Attractive Feature(s): No credit check for new applicants; guaranteed approval. |
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| Least Attractive Feature(s): No grace period; annual fee. |
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Up to $100,000 in travel accident insurance.
Emergency cash replacement.
Auto rental insurance.
Extended warranty for purchases.
See website for additional benefits. |
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| Note: The review of this card was updated on April-01-09. The review is believed
to be accurate during the update, however, information posted may have changed since the update. We strongly suggest that you carefully
read the Terms and Conditions statement that accompanies the Secured card application. |
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